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Loeb To Dow: You’re No LyondellBasell

In an investor letter, Daniel Loeb, who heads the hedge fund Third Point, a major Dow Chemical shareholder, gave his constructive critique of Dow’s strategy. Dow, he says, should be earning $2.5 billion more than it currently does. The letter was by no means scathing. He praised Dow’s share buyback program. He acknowledged that Dow has pledged more...

The Enterprise Ethane Terminal Is Quite Large

As you may have heard, Enterprise Products Partners plans to build an ethane export terminal in Texas. It will have a capacity of 240,000 barrels of ethane per day. Let’s convert that number from the oil perspective into the petrochemical one. According to John Stekla, formally the olefins guru at IHS and now with Williams Cos., 1 million metric tons...

Louisiana Still Backs Project Planned By Russia’s EuroChem

Back in July 2013, the Russian fertilizer maker EuroChem, in a joint press release with Louisiana governor Bobby Jindal, announced it was planning to build a $1.5 billion ammonia and urea complex in Louisiana. At the time, the announcement was just one in a long line of chemical and fertilizer projects meant to take advantage of shale. The project seemed...

Coke Committed To PlantBottle Despite JBF Bio-based Ethylene Glycol Cancellation

Here’s something that wasn’t very well publicized: JBF Industries has cancelled its project to build a bio-based ethylene glycol plant in Brazil. The company, and Indian polyethylene terephthalate producer, disclosed that it was putting the project “on hold” as part of its earnings back in August. This is a far cry from the original announcement in...

Momentive On The Verge Of Bankruptcy

Momentive Performance Materials is threatening bankruptcy. Moments ago the company filed an NT 10-K with the Securities and Exchange Commission. It is what a company files when it can’t file its 10-K annual report on time. The company says  it is in negotiations with creditors and notes that a Chapter 11 filing is a strong possibility. Momentive Performance...

Siluria Is Looking Pretty Sharp

For the first time, IHS put on a Technology Seminar as part of its World Petrochemical Conference activities last week. Don Bari and Jeff Plotkin, both formerly with Nexant, organized the gathering. At more than 100, the attendance was pretty good, especially for an inaugural event that is part of a larger conference. The first speaker was Guido Radaelli,...

Dow To Europe: Drop Dead!

I don’t want it to seem like I am picking on Dow this week. This was the first day of IHS’s World Petrochemical Conference in Houston. This is my 15th annual conference. So far, this conference is better than average. The place is packed with more than 1,300 people. Dow executive vice president Jim Fitterling gave an address on the beneficial economic...

What Might Be Tagged At Dow’s Yardsale?

As you have may have heard, Dow Chemical plans to sell more businesses. Back in December, the company said it would get rid of its epoxy resins and chlorine-related business, which would make the bulk of $3.0 to $4.0 billion worth of divestitures. Mind you, these numbers here are a little funky. They refer to the pre-tax proceeds to Dow from transactions...

The U.S. Cracker Leader Board

Back in March 2011, I jotted down on my notebook a ranking of companies most likely to build a U.S. ethylene cracker. It was to be a post for this very blog. But before I got around to posting it, Chevron Phillips announced a cracker project, stealing my thunder. I didn’t end up putting it up. And thank goodness for that. It was a pretty cruddy list....

BASF’S CLIMATE CHANGE SCHIZOPHRENIA

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